SMM Morning Review - 2010/12/10 Copper Market -Shanghai Metals Market

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SMM Morning Review - 2010/12/10 Copper Market

SMM Insight 09:47:08AM Dec 10, 2010 Source:SMM

SHANGHAI, Dec. 10 (SMM) – The US dollar overnight continued to fluctuated along with market concerns over interest rate hikes in China, the positive economic data in the US, and higher yield rates of the US government bonds. The US dollar index moved in the 79.7-80.2 range for the whole trading day before closing at 80.06. As market expected that China’s copper imports will drop further in November, and as market took a wait-and-see attitude for a clear policy direction from the recent China’s Central Government Economic Work Conference, LME copper prices dropped from profit taking. Meanwhile, the shift of China’s monetary policy to a stable one in 2011 will restrict demand in China, also adding to market concerns over the outlook. In this context, LME copper prices fell back after hitting a new record high of USD 9,091/mt, and finally closed at USD 8,920/mt, down as low as USD 8,898/mt.

The US dollar is expected to move between 79.90-80.40 during Friday’s Asian trading hours, and LME copper prices will move in the USD 8,850-9,000/mt, and SHFE three-month copper contract prices will fluctuate between RMB 66,000-67,100/mt on Friday.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  copper Cu  copper price  

SMM Morning Review - 2010/12/10 Copper Market

SMM Insight 09:47:08AM Dec 10, 2010 Source:SMM

SHANGHAI, Dec. 10 (SMM) – The US dollar overnight continued to fluctuated along with market concerns over interest rate hikes in China, the positive economic data in the US, and higher yield rates of the US government bonds. The US dollar index moved in the 79.7-80.2 range for the whole trading day before closing at 80.06. As market expected that China’s copper imports will drop further in November, and as market took a wait-and-see attitude for a clear policy direction from the recent China’s Central Government Economic Work Conference, LME copper prices dropped from profit taking. Meanwhile, the shift of China’s monetary policy to a stable one in 2011 will restrict demand in China, also adding to market concerns over the outlook. In this context, LME copper prices fell back after hitting a new record high of USD 9,091/mt, and finally closed at USD 8,920/mt, down as low as USD 8,898/mt.

The US dollar is expected to move between 79.90-80.40 during Friday’s Asian trading hours, and LME copper prices will move in the USD 8,850-9,000/mt, and SHFE three-month copper contract prices will fluctuate between RMB 66,000-67,100/mt on Friday.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  copper Cu  copper price